Vodafone-Idea Merger Proposal – The Rationale..

The confirmation by Vodafone Plc recently that it is in talks with Idea Cellular for potential merger of Vodafone India is another big churn in the Indian Telecom sector. While R-Jio’s entry was expected to disrupt the market, that the second largest player would call it quits is unanticipated and quite shocking. A look at … Continue reading Vodafone-Idea Merger Proposal – The Rationale..
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Understanding GAAR (General Anti-Avoidance Rules)..

Consider a situation where a foreign entity provides loan to an Indian company and receives interest which is not fixed but linked to profits. Or consider a treaty between India and country X whereby sale of shares in an Indian company held by an investor from country X shall be taxed only if the shares … Continue reading Understanding GAAR (General Anti-Avoidance Rules)..
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Industry Analysis – Steel Industry..

Steel industry has been reeling under severe pressure due to sharp increase in imports, continued domestic capacity expansion and lately, rise in key raw material prices. While government support in the form of imposition of minimum import price (MIP) and safeguard duty has helped it, the industry is still struggling to find market for new commissioned … Continue reading Industry Analysis – Steel Industry..
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Corporate & Financial Sector Performance – RBI Report..

Corporate sector have improved its financial position substantially during first half of 2016-17 as per the Financial Stability Report published by RBI last week. However, the impact of this on bank NPAs is still not visible. Gross NPAs of the banks has increased during the last six months and may take some more time before … Continue reading Corporate & Financial Sector Performance – RBI Report..
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2016, The Year That Was – Corporate & Industry..

It had been an interesting year for Corporate India. Sectors which saw maximum action were Telecom, Oil & Gas and Cement. The year also saw a number of sell-offs, largely to tide over the cash flow crisis. A look at some of the highlights: Tata – Mistry tussle – In an unprecedented move, Tata Sons … Continue reading 2016, The Year That Was – Corporate & Industry..
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Understanding ONGC – GSPC Gas Block Deal.

The announcement on buyout of Gujarat State Petrochemical Corporation’s (GSPC) assets in K-G basin block by ONGC earlier this week puts an end to GSPC’s audacious attempt to establish itself as an important gas producer. GSPC struggled for more than half a decade to extract gas from the field after a high profile announcement on … Continue reading Understanding ONGC – GSPC Gas Block Deal.
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Vodafone – Another case of costly acquisition and write-off…

Vodafone India is to Vodafone plc what Tata Steel Europe is to Tata Steel..! Vodafone plc’s recent decision to write-off € 6.4 billion (nearly Rs 46,000 crore) with respect to vodafone India’s operation confirms this. This is the second write-off by Vodafone plc related to India, the first being in 2010 for € 2.3 bn and … Continue reading Vodafone – Another case of costly acquisition and write-off…
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Tata Sons & Group Companies – Understanding the Board Structure..

The dispute arising out of removal of Cyrus Mistry as Chairman of Tata Sons has got more muddied with a hostile stand taken by Mistry. This has led to measures being taken by Tata Sons for his removal which are quite unprecedented, in the Indian Corporate history and of course, the history of Tata Group. … Continue reading Tata Sons & Group Companies – Understanding the Board Structure..
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Understanding RIL-ONGC Gas Migration Dispute.

The demonetisation and Mistry’s exit from Tata have taken the sheen out of all other recent news, one of which is the slapping of fine of nearly Rs 10,000 crore by the government on RIL and its partners. The fine relates to migration of gas from ONGC fields to RIL fields in K-G basin leading to … Continue reading Understanding RIL-ONGC Gas Migration Dispute.
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Impairment Charges – Case of Tata Steel Europe..

Amidst the noise around Cyrus Mistry’s exit from Tata Sons is the issue of potential impairment charges, most notably in Tata Steel Europe. No doubt, Tata Steel paid a heavy price for the acquisition of Corus but how serious are his allegations and how heavy is the burden of existing European assets. A brief attempt to understand … Continue reading Impairment Charges – Case of Tata Steel Europe..
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